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Colorado legalized marijuana tax revs ahead of expectations: Moody’s

Colorado, the first state to tax legalized recreational marijuana sales, expects to bring in an estimated $98 million in revenue this year, exceeding the state’s original expectations by 40 percent. The state began levying sales and excise taxes on recreational marijuana on January 1, 2014. Moody’s Investors Service, in a report released Friday, said legal sales in Colorado will reduce the size of the black market and revenue from legal sales will mean more tax payments flowing into state coffers. School districts will likely get $40 million, or nearly 30 percent, of the projected $134 million in total marijuana tax revenues.